Originally posted by clo
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Paging Mr. Know it all... LOL just teasing
Unrelated to the Chase issue she is dealing with Citi on her other card. She is a little further behind on that card than expected. Nevertheless it is a good thing. I'm keeping BIG BOY updated as I promised I would since he said I cannot dictate to the CC companies what is going to happen.
I called citibank. I was automatically routed to collections. When I asked to speak to someone in collections the CSR explained that I had reached the right place. I explained that she is unemployed with 0 assets and now 0 income and because of her health will not be returning to work. I explained that she has no income or ability to pay them and their continued efforts to settle would not produce any payments. I explained that I would be willing to work out a settlement with them depending on the circumstances.
The lady said the account was eligible for a settlement of 65% of the current balance. I explained to the lady that it would not work for me. I explained that her options are to file bk or settle with her creditors on limited funding. I explained that I did not have the over 6000.00 to pay the lump sum at 65% and really needed a payment plan of some type that was not long term. I explained to her that I had read online some credit card companies are willing to settle the debt for 20 to 30 percent in some situations. I explained that if they were able to work that amount out then I would be willing to pay them that amount over 4 payments. She said that it was possible but would need special approval from a manager and the ones that could offer that had left for the day. She said she was going to see if she could get approval tomorrow and call back. I asked if there is no answer to leave a voicemail so we would know if it was able to be worked out at that amount or if she should just proceed to filing BK. The collections CSR made sure to let me know that she would rather try to get the 20 to 30 percent settlement with a 4 installment payment plan then have her file BK.
Is this a done deal the obvious answer is no. It is however a step toward a pretty fast settlement before the fees and 30% APR pile up. I will let you know what is said tomorrow. If they do not get to the magic percentage of settlement then we will just wait until they are a little more motivated.
Unrelated to the Chase issue she is dealing with Citi on her other card. She is a little further behind on that card than expected. Nevertheless it is a good thing. I'm keeping BIG BOY updated as I promised I would since he said I cannot dictate to the CC companies what is going to happen.
I called citibank. I was automatically routed to collections. When I asked to speak to someone in collections the CSR explained that I had reached the right place. I explained that she is unemployed with 0 assets and now 0 income and because of her health will not be returning to work. I explained that she has no income or ability to pay them and their continued efforts to settle would not produce any payments. I explained that I would be willing to work out a settlement with them depending on the circumstances.
The lady said the account was eligible for a settlement of 65% of the current balance. I explained to the lady that it would not work for me. I explained that her options are to file bk or settle with her creditors on limited funding. I explained that I did not have the over 6000.00 to pay the lump sum at 65% and really needed a payment plan of some type that was not long term. I explained to her that I had read online some credit card companies are willing to settle the debt for 20 to 30 percent in some situations. I explained that if they were able to work that amount out then I would be willing to pay them that amount over 4 payments. She said that it was possible but would need special approval from a manager and the ones that could offer that had left for the day. She said she was going to see if she could get approval tomorrow and call back. I asked if there is no answer to leave a voicemail so we would know if it was able to be worked out at that amount or if she should just proceed to filing BK. The collections CSR made sure to let me know that she would rather try to get the 20 to 30 percent settlement with a 4 installment payment plan then have her file BK.
Is this a done deal the obvious answer is no. It is however a step toward a pretty fast settlement before the fees and 30% APR pile up. I will let you know what is said tomorrow. If they do not get to the magic percentage of settlement then we will just wait until they are a little more motivated.
I would say so far you have done really good for yourself. Don't be surprised they might want a higher percentage but if you 'stick to your guns', you might win.
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